Gig Economy & Remote Work: Changing Payroll Management in Pakistan

August 4, 2023

In the last 3 years, businesses worldwide have started using cloud technologies from 34.8% to 62%. One of the reasons for this abrupt change and acceptance of technology in organizations is the occurrence of the pandemic.

COVID came and forced the world to stop its way of life. Remote working, less traveling, hybrid work setup, home deliveries, wearing masks, and vaccinations were the topics of discussion everywhere.

Another reason, the one this article is focusing on, is the dramatic transformation that the business world has been going through including an increase in the demand for payroll software in Pakistan, etc. Due to the developing gig economy and the growing trend of working remotely, the way we do business is changing.

So how does it impact the HR management and payrolls?

As more businesses and individuals embrace flexible work arrangements, traditional payroll processes are no longer sufficient. To keep up with these changes, companies in Pakistan are turning to innovative HR software solutions.

By using the options like the HRIS software, Payroll software with the ability to integrate or complete HR software in Pakistan is how companies are trying to streamline their HR & payroll management efficiently.

A Shift in Workforce Dynamics: Gig Economy & Remote Workstations

Firstly, what is the gig economy?

The gig economy is basically the labor market characterized by short-term contracts, freelance work, and project-based assignments rather than full-time, permanent employment.

What does remote work entail? | Trending

Similar to the gig economy, remote work entails employees working from locations outside the traditional office environment, often from their homes. But, unlike freelancing, this can be permanent or contractual.

Both of these trends have gained popularity due to advancements in technology, improved internet connectivity, and the increasing desire for work-life balance among the workforce.

Another reason for this shift is inflation. When you are working from home, it means cutting the traveling cost. In addition, with this trending working atmosphere, people are creating a separate flow of income; some call it a side hustle, while others are creating an empire out of this setup.

Challenges the Employers are Facing in Managing Payroll for the Gig Economy

Facts:

Almost 20% of workers that are part of the gig economy have shared that their payrolls were not managed properly and they were paid late.

Another 20 percent of workers have shared that they were paid “too little.”

This number still needs to be verified in Pakistan, but it is more than the above numbers in other countries based on what a few people have shared. With the growing number of gig workers, employers face unique challenges in managing payroll effectively.

Unlike traditional employees, gig workers’ compensation may vary based on the projects they complete, making it more complex to accurately track hours and calculate payments.

In addition, managing taxes, compliance, and benefits for a diverse and ever-changing pool of gig workers can be overwhelming without proper HR tools in place. But at the same time, the number of employees working on projects and freelancing is growing.

In 2020, almost 25 million workers in the United States were part of this working setup alone. The number has since increased worldwide.

Remote Work and Payroll Management: Shifting the Traditional Paradigm

Remote work, on the other hand, challenges the traditional approach to payroll management. With employees working from various locations, it becomes essential to have a centralized system that enables seamless time tracking, attendance management, and payment processing.

When you select manual payroll processes, you are actually more prone to errors. As a result, this may lead to delayed payments, which can result in employee dissatisfaction and decreased productivity.

This is why HRIS software solutions in Pakistan are here to help.

The Role of HR Software in Streamlining Payroll Management

To cope with the evolving workforce dynamics and to ensure accurate and timely payroll management, businesses are turning to some of the best HR software in Pakistan.

HRIS software (Human Resource Information System) and payroll software are both becoming popular due to their ability to automate and centralize various HR and payroll tasks.

Advantages of Selecting the Best HR Software in Pakistan

a. Enhanced Payroll Accuracy

HRIS and payroll software in Pakistan offer automated payroll processing, minimizing errors in payment calculations, tax deductions, and benefit disbursements.

b. Efficient Time and Attendance Tracking

With remote work becoming common, advanced HR software provides tools to track employee work hours and attendance, making payroll processing more precise.

c. Compliance and Tax Management

HR software incorporates the latest regulatory updates, ensuring businesses stay compliant with Pakistan's labor laws and tax regulations.

d. Employee Self-Service

Modern HR software enables employees to independently access their payroll information, tax documents, and benefits details, reducing administrative workload.

e. Data Security

Top HR software providers in Pakistan implement robust security measures to protect sensitive employee payroll information from unauthorized access.

Best HR Software in Pakistan

Selecting the right payroll and HR software in Pakistan is not easy. There are many factors that you will need to consider before finalizing which software to go with. But, to assist you in your decision, these are a few options that you can look for.

i. DEEL:

This is a payroll software provider. If you are looking for an efficient payroll software in Pakistan, this is one of the good options. This software helps in simplifying global payments, onboarding, and compliance purpose.

Whether you are managing a team working remotely or a team working in separate parts of the world, this software will make the payroll easier.

ii. Resourceinn:

This is one of the top cloud-based HR and payroll software solutions that offer customization and features like geofencing.

Resourceinn HR software offers a number of different features, such as attendance tracking, HR management, payroll automation, and specialized HR data management.

It is designed for mid-sized businesses and provides an easy and economical solution for handling HR processes. As cost is a significant factor when companies want to select HR software, this option is the most cost friendly one yet.

iii. Paychex Flex:

This is another good payroll software option that gives you the option of flexibility and scalability. It offers a variety of different features, including payroll, talent management, and benefits administration.

Conclusion

As Pakistan’s workforce witnesses the transformative impact of the gig economy and remote work, businesses must adapt their payroll management strategies to remain competitive and efficient.

Embracing the best HR software and payroll software in Pakistan is crucial to streamline payroll processes, ensure compliance, and raise a satisfied and productive workforce in the ever-changing world of business.

With the right HR tools at their disposal, companies can navigate the challenges posed by the current economy impacted by inflation and the working environment using the option of remote setups and so on.

So when embracing the benefits of a flexible and agile workforce, only the right software at your disposal will assist you in competing successfully.

 

 

 

 

 

 

 

 

 

 

 

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